Apple shares have been trounced over the past few months, for a variety of reasons. However, one of the biggest investment banks on Wall Street thinks Apple is the most undervalued stock it covers.
Goldman Sachs' research department has put out a list with the top 40 most undervalued companies compared to its analysts' price targets. Apple has 44.9-percent upside compared to its price target of $660, which was lowered after it reported earnings results in late January. Some of the other names on this list include Ford, National Oilwell Varco, and Joy Global.
After Apple reported first-quarter earnings, Goldman technology analyst Bill Shope cut his price target to $660. In his note, Shope said that the results were "a tough setback, but the story is not broken." Shope cut Apple's price target to $660 from $760, but reiterated his "Conviction List Buy" rating going forward.